A company from Singapore acquires payment service in Kazakhstan

TipTopPay, a payment company from Singapore, announced that it has acquired a 100% stake in CloudPayments Kazakhstan, a Kazakhstani online payment service for businesses. No details about the financial terms of the deal have been provided.

Tiang Wong, a managing partner of TipTopPay, has commented on the deal.

«We are happy to enter the market of Kazakhstan, the leading economy in Central Asia with a high level of digitalization and fast-growing e-commerce. All of this provides good opportunities for an online payment business. I am convinced that the advanced payment system by CloudPayments has a promising future,» a representative of the Singaporean company said.

Under the deal terms, CloudPayments Kazakhstan has already been renamed TipTopPay Kazakhstan, although this won’t affect clients’ interests. The company is going to continue rendering internet-acquiring services and develop payment technologies based on international expertise.

Vladimir Jabarov, an executive with multi-year experience in the fintech industry, was appointed as the CEO of TipTopPay Kazakhstan.

The Singaporean holding company TipTopPay specializes in investments in payment services in developing markets including those in Eurasia and South America.

CloudPayments was established in 2017 in Kazakhstan. It offers high-tech solutions for online payments. For example, the company’s payment tool might be built into a website or mobile app. Payments also might be accepted with the help of widgets or by a messenger link. Currently, the company renders services to more than 500 customers throughout the country.